Securities Trading Procedure

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If the company considers that the benefits outweigh the costs of listing, it may then decide to apply for a listing on the Exchange. The first and most important task during the preparatory phase is the selection of the contributing players.

Investment firms have a dual role. In a public offering, they also provide an underwriting guarantee on behalf of the issuer. Fees are generally charges in accordance with these main services. Choosing the right investment firm is of paramount importance since this is the player who will assist the issuer during the entire listing process and who organises this multi-player and complex negotiation. It is reasonable to select the advising bank or trading procedure of stock exchange based on a tender, and selecting the other players together with the advising bank is recommended.

The issuer has to make preparations even prior to the selection of the advisor and needs to have knowledge of the qualification criteria and the requirements expected during the selection and trading procedure of stock exchange process. In addition to the traditional audit services, the auditor prepares a more detailed financial report the so-called long form report in the preparation of a listing, and its trading procedure of stock exchange often include an assessment but not a certification of the management's earnings forecasts.

The role of lawyers is very important in the preparation of a public offering, subscription and underwriting contracts linked to the sale of shares.

Given that at this stage of the process the interests of the issuer and of the lead manager may differ, both parties often have their own legal counsel. Marketing and PR advisors provide assistance with the distribution of shares during the public offering and with marketing the securities to trading procedure of stock exchange buyers.

These advisors participate in organising road shows preceding the sale of the shares and in providing logistic services. If the company intends to make a simple listing on the Exchange, it is not necessary to involve all of the players listed above — the respective regulation does not require the contribution of an advisor in this case. Still, if a package of new or existing shares is to be sold to the public, contribution of an investment firm has to be involved.

The company shall prepare not only for the listing, but for the maintenance associated with listing on the Exchange. It is necessary that an appropriate level of investor relations and a harmonisation of the internal corporate processes among the different trading procedure of stock exchange units are ensured. It is particularly important in the case of a public offering, but also useful in a simple listing, to devise an appropriate marketing campaign at this stage.

The most important document of a listing is the so-called prospectus. The prospectus shall contain all relevant information on the economic, market, financial and legal situation of the company and their likely developments in the futuregiving investors the widest possible range of information to ensure proper decision-making.

Trading procedure of stock exchange prospectus prepared for a listing on the BSE shall be submitted for approval to the Central Bank of Hungary, which shall make trading procedure of stock exchange decision within 20 working days.

The provisions regarding the contents of the prospectus are determined by the respective EU regulation. This documentation trading procedure of stock exchange consists of an application, different statements and additional documents to assist in this, the Exchange has compiled an application form. In order to ensure smoother administration, it is recommended that an unofficial draft version of the application be submitted to the Exchange trading procedure of stock exchange a preliminary assessment prior to the official submission of listing documentation.

This shall be followed by the official submission of the papers already agreed upon. Subsequent to the receipt of the application, the Exchange issues a public notice informing the market of the receipt of the application. If necessary, the Exchange may request the issuer trading procedure of stock exchange submit any missing documents, and the issuer shall appropriately supplement the documentation within ten working days — in such cases, the deadline for the assessment by the Exchange shall be extended by the period needed to submit the missing documents.

The documents relevant to investors shall be published at least two Exchange days before the listing. If the documentation is complete and appropriate, a decision on listing shall be made otherwise, the application shall be rejected. This site uses cookies Read our policy here. Types of equity listing The process of equity listing on the Exchange consists of several steps. In this case, when the company appears on the market, it creates a future possibility for flexible funding. On the other hand, going public on an Exchange undoubtedly creates a challenge that the company has to cope with even in the period preceding raising the actual funds or prior to exit.

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Specialist securities, traded by qualified investors only, can be traded on the CSX Xetra trading platform provided a signed qualified investor form is submitted. There is no set trading currency for trading on the CSX Xetra trading platform. The CSX can accept as trading currency the currency of a listed security. Through the XETRA system functionality broker members interact with a central, electronic order book.

Orders submitted by the participants get matched in the trading system leading to trades being generated. The trade information with the updated last trade price and order book details are transmitted to participants, which includes the CSX, and is published on the CSX website within 15 minutes of trade execution.

Each broker member will receive a transaction reporting specific to them at the end of the trading day. The trade information will also be forwarded to data disseminators on a daily basis. If limits are the same, they are executed by time priority. Participants can settle this kind of OTC trade by various means including by telephone.

One of the trading partners enters the agreed trading parameters into XETRA Trade Entry system, while the other checks and confirms the data. If the data is not confirmed, the order is deleted at the end of the day. The pre-trading session starts 30 minutes before commencement of the main trading, from 6: During this session, broker members may enter orders in preparation for the main trading or revise or delete their existing orders. The order book is not open for trading during this session so orders will not be matched until the beginning of the main trading session.

Five minute auctions will be held at the beginning and end of the main trading session during which orders are matched on the principle of maximum executable volume. At the end of the opening auction continuous trading commences at 7: During this session the order book is open. Orders entered by broker members are immediately compared with any orders in the order book and either matched or entered into the queue. Confirmation for orders matched will be sent to broker members during the session.

A fifteen minutes post-trading starts at the end of the main trading session at The order book is closed during this session but broker members can withdraw or modify existing orders or enter new orders for execution when the next trading day starts.

Trades can be placed through existing CSX broker members — details of which appear on the CSX website — or it is possible to use any of the existing network of approximately banks, financial services institutions and financial enterprises worldwide who are currently connected to one or more of the other 14 XETRA markets. Any security traded on XCAY can be supported by broker members who are also specialist market makers, playing an active support role to the trading in particular securities.

This creates additional synergies as implementation costs are reduced. Contact us Disclaimer Terms of use. Trading and order book The trading system is order-driven. Trading can take place either on or off the order book. XETRA brokers and market makers Trades can be placed through existing CSX broker members — details of which appear on the CSX website — or it is possible to use any of the existing network of approximately banks, financial services institutions and financial enterprises worldwide who are currently connected to one or more of the other 14 XETRA markets.